Find out what business analytics can do for you and how to get started

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8 essentials of business analytics
Find out what business analytics can do for you –
and how to get started
By Jim Davis
Leading banks use business analytics
to predict and prevent credit fraud,
saving millions. Retailers use business
analytics to predict the best location for
stores and how to stock them. Pharma-
ceutical firms use it to get life-saving
drugs to market more quickly. Even
sports teams are getting in on the action,
using business analytics to determine
both game strategy and optimal ticket
prices.
But these advanced business applica-
tions tell only part of the story. What’s
going on inside these market-leading
companies that sets them apart?
They have committed to deploying their
people, technologies and business
processes in new ways. They have
committed to a culture that is based on
fact-based decisions – which helps
them anticipate and solve complex
business problems throughout the
organization. By embracing an analytical
approach, these companies identify
their most profitable customers,
accelerate product innovation, optimize
supply chains and pricing, and identify
the true drivers of financial performance.

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By embracing an
analytical approach, these
companies identify their
most profitable customers,
accelerate product
innovation, optimize supply
And you can too. Get started with When selecting technologies, consider chains and pricing, and
business analytics by taking these eight “risk-to-value”: Can the technology identify the true drivers of
essential actions: be applied to help reduce costs and
financial performance.
increase revenue? And getting the right
1. Improve the flow and flexibility technology in place doesn’t have to
of data. mean a complete overhaul.
High-quality data must be integrated and
accessible across your organization. It 3. Develop the talent you need.
should also be structured in a flexible Develop or recruit analytic thinkers
way that allows your analysts to discov- who seek and explore the right data
er new insights and provide leaders the to make discoveries. To make analytics
information they need to adjust strate- work, analysts must also be able to
gies quickly. Strengthening and flexing communicate effectively with leaders
the data backbone of your enterprise and link analytics to key decisions and
will pay off when you need to change the bottom line.
business processes quickly in response
4. Demand fact-based decisions.
to market shifts, regulatory or stake-
An analytical company makes a wide
holder demands.
range of decisions. Some are ad hoc;
2. Get the right technology in place. some are automated; some are trans-
Take an enterprise approach to data formative. The common thread? Evidence
management and analytics to effect backs them all. Managers encourage
better decisions. Remove disconnected asking the right questions of the data to
silos of data, technology or expertise. get maximum insight. How results are
Your technology portfolio should deployed is also important – through
include: operation systems such as customer
relationship management applica-
• Optimized data stores to support tions or real-time fraud applications
core business processes and to interactive dashboards, data movies,
discovery. in databases – wherever needed to
ensure decision makers have the
• Data integration and data quality information they need when they
software. need it (and in the way they can best
consume it).
• Analytical software with the means
to effectively deploy, explore and 5. Keep the process transparent.
share results in a meaningful way. Transparency implies openness,
communication and accountability; it
• Integrated analytical applications
is key to successful business analytics
designed to solve defined issues
projects. The value delivered from an
quickly.

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investment in business analytics must 8. Revise your strategies – often.
be visible and measureable. Who the Your competitors will often duplicate
analysts are and what they’re seeking your analytical initiatives. Staying ahead Top five benefits of
to accomplish should be clearly com- requires continuous review of strategy
municated to the business, as should and development of new skills and
business analytics
their findings. capabilities. When Computerworld asked 215 IT and
business professionals to name the key
6. Develop an analytical center Get started now. benefits of business analytics software,
of excellence. Find important questions that need they received a wide range of responses.
Create a centralized team approach – answering and problems that need to The five most popular were:
an analytical center of excellence (ACE) be solved. Answer these questions,
1. Improving the decision-making
– which promotes the use of analytics solve these problems and create val- process.
and associated best practices. Your ue for the organization. By creating
2. Speeding up the decision-making
implementation of an ACE will depend small wins in any business, function or
process.
on your organization’s maturity and department, over time your company
requirements, but the most effective will become an analytical competitor. 3. Better alignment of resources with
implementations address all elements strategies.
of the organization’s analytic infra- Jim Davis is Senior Vice President and 4. Realizing cost efficiencies.
structure: people, process, technology Chief Marketing Officer for SAS. 5. Responding to user needs for
and culture to support the business’ availability of data on a timely basis.
strategy and operations.
7. Transform the culture. ONLINE
A strong analytical culture has executive www.sas.com/ba-benefits
sponsorship and encourages creativity.
Experimentation should be seen as part
of learning, and employees should be ONLINE
given permission to fail as they learn Defining business analytics white paper:
from trying new things. www.sas.com/ba-definingba